28128
Effective Jan 1, 2019Amended by Stats. 2018, Ch. 379, Sec. 13. (AB 38) Effective January 1, 2019.
- (a) A licensee seeking to engage in the business of servicing student loans at a new location shall submit an application for a branch office license to the commissioner at least 10 days before engaging in the business of servicing student loans at a new location and pay the fee required by Section 28112.
- (b) The licensee may engage in the business of servicing student loans at the new location 10 days after the date of submission of a branch office application.
(c)
- (1) The commissioner shall approve or deny the individual responsible for the servicing activity of the licensee at the new location in accordance with Article 2 of Chapter 2 (commencing with Section 28112), and shall notify the licensee of this decision within 90 days of the date of receipt of the application.
- (2) If the commissioner denies the application, the licensee shall, within 10 days of the date of receipt of notification of the commissioner’s denial, submit a new application to the commissioner designating a different individual responsible for the servicing activity of the licensee at the new location. The commissioner shall approve or deny the different individual as provided in paragraph (1).
- (d) A licensee shall not engage in the business of servicing student loans at a new location in a name other than a name approved by the commissioner.
- (e) A branch office license to engage in the business of servicing at a new location shall be issued in accordance with this section. A change of street address of a place of business designated in a license shall be made in accordance with Section 28126 and shall not constitute a new location subject to the requirements of this section.